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The AR & VR market in Belgium is experiencing significant growth, driven by customer preferences for immersive and interactive experiences.
Customer preferences: Belgian consumers are increasingly seeking immersive and interactive experiences, which is fueling the demand for AR and VR technologies. The younger generation, in particular, is drawn to the novelty and excitement of these technologies, using them for entertainment, gaming, and socializing. Additionally, businesses are recognizing the value of AR and VR in enhancing customer engagement and improving their products and services.
Trends in the market: One of the key trends in the AR & VR market in Belgium is the adoption of these technologies in the gaming industry. Virtual reality gaming has gained popularity, with consumers seeking more immersive and realistic gaming experiences. This trend is driving the demand for VR headsets and gaming accessories. Another trend is the integration of AR and VR in the retail sector. Retailers are leveraging these technologies to create virtual showrooms, allowing customers to visualize and customize products before making a purchase. This not only enhances the customer experience but also reduces the need for physical inventory, leading to cost savings for retailers. In the healthcare sector, AR and VR technologies are being used for training and simulation purposes. Medical professionals can practice complex procedures in a virtual environment, improving their skills and reducing the risk of errors. This trend is expected to continue as the healthcare industry embraces digital transformation.
Local special circumstances: Belgium has a strong technology infrastructure and a high level of digital literacy among its population. This provides a favorable environment for the adoption of AR and VR technologies. Additionally, the presence of several tech companies and startups in Belgium is driving innovation in the AR & VR market.
Underlying macroeconomic factors: The growth of the AR & VR market in Belgium is also influenced by underlying macroeconomic factors. The country has a stable economy and a high standard of living, which allows consumers to invest in new technologies and experiences. Furthermore, the government has been supportive of the technology sector, providing incentives and funding for research and development. In conclusion, the AR & VR market in Belgium is experiencing growth due to customer preferences for immersive experiences, particularly in gaming and retail. The integration of these technologies in the healthcare sector is also contributing to market expansion. Belgium's strong technology infrastructure, digital literacy, and supportive government policies are creating a favorable environment for the adoption of AR and VR technologies.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the AR & VR market. AR and VR enable consumers to experience a new dimension, using either a headset or installed units, as they combine the real and virtual worlds. Consumer revenue figures refer to revenues relating to AR hardware, AR software, VR hardware, VR software, and spending on AR and VR advertising. Both digital and non-digital revenues are included.Modeling approach / Market size:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports. In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending, internet penetration, 4G coverage, and historical developments. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.Additional notes:
The market is updated twice a year in case market dynamics change. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)